The True Business Value of Data
We’ve talked a lot about the positive impact data and technology can have on marketing campaigns and interactions with customers. However, if we take a step back, we can see that the business value of data analytics does not stop there. We can break this down into three main areas in which organizations, large and small, can get even more value through the use of data intelligence.
1. Increased Revenue
It’s no secret, your customers have a serious impact on your business. By engaging customers, you bring awareness to the value you offer, draw them closer to your organization, reach essential business objectives, and reap significant rewards. These rewards include purchases, loyalty, referrals, profits, and more customer data. Thus, you can increase revenue by effectively engaging current and potential customers.
2. Reduced Costs
Access to information is critical and the rate at which the information grows is extremely rapid. While many organizations experience lost revenue and increased costs by drowning in data and failing to make sense of it all, you don’t have to. Costs can be reduced by efficiently managing the valuable data collected from a variety of sources (online habits, web traffic, email, phone calls, etc.). Proper data management will help produce insights to better serve customers, increase productivity and reduce costs.
3. Better Compliance
As has been seen in the news, many organizations have missed the mark on engaging their customers compliantly. As technology and communication channels advance, so do the number of regulations designed to protect consumer privacy and reduce unwanted communications. Data analytics can actually be used to meet applicable compliance requirements, reduce your risk of penalties levied by an enforcement agency, and keep consumers happier and more open to what you have to offer.
In summary, companies that effectively use information will have a major competitive advantage over those who cannot. Data, when properly cultivated and analyzed, can be a corporate asset that is managed like any valuable investment for the organization. Not paying attention to valuable data assets can lead to missed opportunities through lost sales, missed engagement opportunities with your customers, increased marketing costs and waste, and potential fines for non-compliance.
We can help you turn data analytics into smart insights and intelligent use! For more information on how we can help, please visit www.digitalsegment.com or call 610-228-0906 or email us at firstname.lastname@example.org.